Is It Time to Give Facebook a Chance?

Take a look at some ways to trade the social media stock.

MINYANVILLE ORIGINAL It wasn't all that long ago when the hottest of the hot IPOs made its debut in face-plant fashion. Yes, I am talking about Facebook (FB), the fanciful yarn that was touted as the IPO you had to get a piece of.

Now that the stock has lost more than 60% off of its overhyped and inflated IPO price, is it time for you to seriously consider stepping in? Technically the answer is not yet, and that's true even as Zuckerberg pledges to hold on to his shares. The time is, however, drawing near, and understanding what to look for is critical to making money in this stock.

Realistically, there's not much of a chart to work with yet; technically there is only a little over three months of data to examine. But even so, when using the daily and weekly charts, one can see evidence of confirmed ABCD projections of $13 and $15, which isn't all that far away anymore.